AML Exam (CE) Questions and Answers 2023
1. The information an insurance agent must collect for customer identification purposes depends on
a. the amount of money the customer is worth.
b. The amount of money the customer spends.
c. whether the insurance product the customer is purchasing at a ...
AML Exam (CE) Questions and Answers 2023
1. The information an insurance agent must collect for customer identification purposes depends on
a. the amount of money the customer is worth.
b. The amount of money the customer spends.
c. whether the insurance product the customer is purchasing at a low or high risk for money laundering.
d. the size and resources of the insurance company. - answer c. Whether the insurance product under consideration is at a low or high risk for money laundering
2. When Tom Jensin mixes illicit and legal funds and then uses the money to purchase a new car, he is practicing. a. rebating b. diversification
c. integration d. smurfing - answer c. integration
3. When a client gives an insurance agent $14,000 in cash for an insurance transaction,
the agent is obligated to
a. consult with a lawyer
b. file a CTR
c. call the police
d. do nothing - answer b. file a CTR
4. Federal staff have surveyed the ABC insurance company and determined that it is in compliance with the USA PATRIOT act of 2001 because it has all of the following Except. a. a customer identification and verification program
b. a suspicious activity monitoring and reporting system
c. a fire safety committee
d. an employee training program. - answer d. an employee training program
5. What has Marcela Benson done when she transfer the benefit of her insurance policy
to an apparently unrelated third party? a. performed an unlawful transfer
b. performed a transfer by fault
c. performed a secondary transfer
d. raised a red flag for suspicious activity - answer d.
6. Tony demarco successfully laundered $75,000 of drug money, In doing so, he went through each of the following processes EXCEPT
a. placement
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller julianah420. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $18.99. You're not tied to anything after your purchase.
